The company, the operational division of London-listed miner Antofagasta, cut its 2015 copper output forecast for the third time in October and said it was reducing its workforce by about 7 percent.

"Our goal is to reach a cost reduction of $230 million this year, representing between 8 percent and 9 percent of the cost structure of our operations," Arriagada told daily La Tercera in an interview published on Friday.

Antofagasta Minerals then aims to cut costs by an additional $150 million in 2016, he added.

Arriagada told Reuters on Nov. 20 it would try to reduce costs next year, but that lower ore grades limited its room to maneuver. (Reporting by Anthony Esposito; Editing by Chizu Nomiyama)